President Trump's economic team paints a rosier picture about what his policies could accomplish than the economics profession is willing to endorse.
His team is formulating budget and tax proposals that project 3 percent annual growth, while the number crunchers at the Congressional Budget Office estimate about 2 percent.
How fast the economy can grow comes down to the simple sum of likely worker productivity and labor force growth. Since the financial crisis, productivity has advanced about 1 percent a year, as compared to the 2 percent in prior decades.
Read Full Article »